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International Internet Magazine. Baltic States news & analytics Wednesday, 23.05.2018, 23:38

U.S. businessmen interested in movie business and railway projects in Latvia

Nina Kolyako, BC, Riga, 03.07.2012.Print version
Visiting U.S. businessmen, who have arrived in Latvia to meet with local entrepreneurs and officials, are interested in developing movie business and gaining access to the Russian rolling stock market via Latvia, Latvian Honorary Consul in California Juris Bunkis and GATX Corporation Financial Director Gokce Tezel pointed after today's meeting with the delegation.

Valdis Dommbrovskis meets with US businessmen. Riga, 3.07.2012. Photo:

Meanwhile, Prime Minister Valdis Dombrovskis (Unity) predicted that the results of this visit will be seen during the next few months, writes LETA.


The prime minister pointed out that the visit could result in U.S. investments, business contacts and new projects, which could be implemented in various sectors, however, not all businessmen are currently ready to talk about these plans.


"The businessmen are actively working and establishing new contacts. I believe that the visit will lead to practical results," said Dombrovskis.


Bunkis in turn expressed hope that more movies could be shot in Latvia in the future.


Tezel admitted that the visit has been highly interesting for GATX Corporation and he has gained very valuable information regarding various railway projects in Latvia. GATX Corporation is interested in the Russian rolling stock market, which is a new market for the company.


According to Dombrovskis the businessmen were interested in such sectors as: mechanical engineering, high technologies, IT and movies.

Minister Valdis Dombrovskis emphasized that Latvia can offer new opportunities for the U.S. entrepreneurs both in developing the production and export projects and providing access to the markets of the European Union, Russia and other Eastern European countries.

“Latvia has an open business environment, optimized logistics infrastructure, competitive tax system and skilled labour force – these are the most essential prerequisites of interest to any investor. As a result of this visit, Latvia has come into view of more than 20 influential U.S. companies. We highly appreciate the strategic partnership of Latvia and the USA in the area of defence, and it’s time to transfer this partnership to the economic sector,” said the Prime Minister.

The representatives of the U.S. companies expressed their satisfaction over the contacts established during the visit and the new experience. They mentioned that they are positively surprised by what they have seen in Latvia. The U.S. entrepreneurs mentioned the openness of the business environment, proportionality of administrative burden in entrepreneurship and tax rates as the most important factors which are taken into account when deciding on the investment projects. Latvia is very competitive in these areas; moreover, the geopolitical position of Latvia – membership in the EU and NATO, as well as access to the Russian market, is an important argument for the U.S. companies.

Likewise, the entrepreneurs acknowledged that additional confidence is provided by the achievements of the U.S. companies already working in Latvia, for instance, the successfully established joint service centre of Cytec in Rīga that soon will be expanded up to 180 employees.

Today, V.Dombrovskis held a meeting with the leading representatives of Warner Brothers, GATX Corporation, Procter&Gamble, Argus Limited, Boeing and Cresa, as well as Juris Buņķis, Honorary Consul of Latvia in Southern California and Roberts Blumbergs, Honorary Consul of Latvia in the State of Illinois.

On July 1-3, a delegation of nearly 40 U.S. entrepreneurs is paying a visit to Latvia with a view to explore business opportunities in Latvia and to find new cooperation partners. This is a return visit to V.Dombrovskis’ and the Latvian entrepreneurs’ delegation visit  to the USA – Washington, New York, Los Angeles, San Francisco, Silicon Valley and Austin in summer 2011.

The goal of the visit is to acquaint the delegation with Latvia as an attractive business destination and discuss Latvian-American business cooperation.

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